fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/CHF Daily Outlook  Thu Jan 23, 2014 1:33 pm | |
|  EUR/CHF Daily Outlook Daily Pivots: (S1) 1.2335; (P) 1.2343; (R1) 1.2356; More... Intraday bias in EUR/CHF remains neutral for the moment. With 1.2278 support intact, near term outlook stays mildly bullish. As noted before, whole decline from 1.2649 should have finished at 1.2165 already and rebound from there is expected to resume later. Above 1.2393 will target 1.2465 resistance and above. Nonetheless, in that case, we'd be cautious on strong resistance above there to limit upside and bring another decline to extend recent sideway trading. Meanwhile, below 1.2278 will argue that rebound from 1.2165 has completed and turn near term outlook bearish again for 1.2165. In the bigger picture, EUR/CHF faced strong resistance from 38.2% retracement of 1.6827 to 1.0061 at 1.2646 and turned sideway. Sustained break of this level is needed to confirm larger up trend resumption. Otherwise, outlook will stay neutral for more range trading. But after all, downside of another decline attempt should be contained by SNB's 1.2 floor. | |
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